Latest News
-
India's Zomato-parent Eternal reports 70% increase in quarterly revenue. Shares reach a 5-month high.
Eternal, an Indian online delivery company, posted a 70% increase in its first quarter adjusted revenue. This was largely due to a surge of orders for Blinkit, the quick commerce division. Shares of Eternal rose 7.5%. In India, the quick-commerce sector has become fiercely competitive, despite its rapid growth. Players such as Eternal Swiggy, and Zepto, a start-up, are battling to gain market share. Blinkit is widely regarded as the leader in this segment, as it delivers anything from groceries to electronic goods within 10 minutes. This is despite competitors such as Walmart-owned Flipkart, Tata-backed BigBasket and Amazon, who have deep pockets, increasing their presence. Eternal’s revenue from operating activities increased to 71.67 trillion rupees (from 42.06 trillion rupees) in the first quarter, compared with 42.06 trillion rupees one year earlier. After the results, its stock rose as high as 7.5% at 277 rupees, their highest since February 3, before closing with a 5.64% increase. The company's net profit fell by 90% to 250 million rupees (2.90 million dollars) due to higher costs at Blinkit. Quick commerce players are offering steeper discounts, free or subsidised deliveries and expanding their "dark store" network to compete with the competition. Eternal's total expenses increased by nearly 79%, to 74.33 trillion rupees.
-
Kremlin acknowledges tension in Russia-Azerbaijan relationships
Dmitry Peskov, Kremlin spokesperson, said that Russia-Azerbaijan relationships are going through a difficult phase. However, Moscow is hopeful of an improvement, as both countries have common interests. In recent months, tensions between Moscow and Baku grew after several ethnic Azerbaijanis were detained in Russia. Two of these Azerbaijanis died in police custody. Ilham Aliyev said on Saturday that he wants Russia to publicly admit it accidentally shot down a passenger plane from Azerbaijan in December of last year and killed 38 people. He also wants to punish the responsible parties. At the time, President Vladimir Putin apologized to Aliyev over what the Kremlin referred to as a "tragic event" in Russia where an Azerbaijan Airlines aircraft crashed after Russian air defenses opened fire on Ukrainian drones. Putin did not say that Russia shot down the plane.
-
The rupee is weakening slightly as the dollar continues to soften.
The Indian rupee recorded a modest loss on Monday due to dollar bids by foreign and local banks. However, the general weakness of the greenback allowed the rupee to limit further losses. The rupee ended the session at 86.2925, down 0.2% from the previous day. It had touched a low of about 86.35, which was a close to one-month high, earlier in the session. The dollar index fell by almost 0.2%, to 98.0. The Indian rupee, the Indonesian Rupiah, and other regional currencies have all suffered losses this year, while their peers such as the Taiwan Dollar and the Korean Won, which both grew by over 11%, and 6% respectively, are doing well. Analysts cite a lacklustre rupee performance in part due to sluggish portfolio flows, India’s external investment deficit, and the Reserve Bank of India’s likely FX reserves accumulation. A trader from a private bank reported that the price action on the day appeared to indicate modest outflows, but the dollar buying pressure eased during the second half of the session. This helped the rupee reduce its losses. The benchmark 10-year bond rate was slightly lower last night at 6.2986%. The near-term focus will be two things: the impact of U.S. data on expectations for rate cuts, and the news regarding U.S. India trade negotiations before the deadline of August 1, when higher U.S. Tariffs are to go into effect. "We continue to believe that slower growth will limit the impact of tariffs. Profit margin compression, as well as a reduction in export prices, will also help justify a Fed rate cut in September," ANZ stated in a note on Monday.
-
One dead after Bangladesh Air Force plane crashes on college campus
A fire official confirmed that one person died when a Bangladeshi air force training plane crashed into a campus of a college in Dhaka, the capital. In a press release, the public relations department of the military said that the incident took place in Dhaka’s Uttara area in Dhaka’s north. The F-7 BGI aircraft of the Bangladesh Air Force crashed in Uttara. It said that the aircraft took off at 07:06 GMT (13:06). A doctor from the National Institute of Burn and Plastic Surgery informed reporters that more than 50 people were hospitalised for burns. This included children and adults. A military spokesperson stated that the death toll has yet to be determined. Muhammad Yunus said that "necessary steps" will be taken to investigate and determine the cause of this accident. He also promised "all kinds of assistance". He said that the loss suffered by Air Force...students and parents, staff and teachers, and other people in this accident was irreparable. Video footage of the aftermath showed a large fire burning near a lawn, sending a plume of thick smoke high into the air. Crowds were watching from afar. Prothom Alo, a local newspaper, reported that initial reports indicated that the plane crashed on the roof of the canteen at the college. This information could not be independently verified. This incident occurred just over a week after an Air India flight crashed into a medical school hostel in Ahmedabad, India. The crash killed 241 people aboard the plane and another 19 on the ground. It was the worst aviation accident in the last decade. Reporting by Ruma and Sudipto, writing by Sakshi and Christina Fincher.
-
Bild reports that Germany plans to reverse the increase in air tax.
Bild reported that the German coalition government will discuss the issue of reversing an unpopular increase in the air traffic tax as part its budget for 2026. Ryanair, a budget airline, has been among the loudest critics of international airlines who complain that flights to and from German airports are too expensive. The newspaper reported that the tourism policy coordinator of the German government, Christoph Ploss said: "The increase in the air traffic tax should be cancelled and the charges at German airports reduced." According to a report, the transport ministry will work for the reversal in the tax increases. After the news, shares of Lufthansa rose by 2.2%. The coalition agreement under the leadership of Chancellor Friedrich Merz did not include a timetable for reducing the financial burden placed on aviation. The German Finance Minister Lars Klingbeil will present the draft budget for 2026 next week. Companies are eagerly awaiting any promised relief, despite increased pressure on state finances due to increased spending on defense and economic uncertainty. In May 2024 the air traffic tax will increase from 12.48 euros to 15.53 euros for short-haul flights. Ploss claimed that the previous government led by the Social Democrats, who are now junior coalition partners, increased the cost of holidays for millions Germans. "A well-deserved vacation in Mallorca should not be unaffordable," said he. Ralph Beisel said that reversing the policy "would be an urgent and first step in the right directions" in a press release. "A reorientation in aviation policy is required for our country." (Reporting and editing by Matthias Williams, Christina Fincher and Rachel More)
-
Air India Jet Skids During Landing in Mumbai, Damages aircraft and runway
Air India's Airbus A320 veered off of the runway during a landing at Mumbai International Airport in heavy rain on Monday. The runway was briefly closed and one engine's underside was damaged. Air India has confirmed that all passengers and crew have disembarked. However, it did not mention if anyone had been injured. Air India flight AI2744 flew from Kochi, in southern Kerala to Mumbai. Mumbai airport issued a statement saying that "minor damage" had been reported on the primary runway due to a "runway deviation". A secondary runway was activated in order to maintain operational continuity. Air India confirmed that the aircraft was grounded to conduct checks. According to a Times of India article, which cited sources, three tyres burst after the landing. NDTV's and India Today's TV footage showed that the outer casing was damaged with cracks. Air India is under scrutiny after a Boeing 787 Dreamliner crash in Ahmedabad, India last month that killed 260 people. Air India Express was reported to have falsified documents to prove compliance with a directive from the European Union Aviation Safety Agency to replace engine parts on an Airbus A320. (Reporting and editing by Adityakalra, Peter Graff and Abhijith Ganahapavaram)
-
It only took a few moments: Vietnam survivors recall how a sudden rainstorm drowned dozens
Two survivors of Halong Bay's shipwreck, which left at least 35 dead and four more missing in Vietnam's most popular tourist destination, Halong Bay, have said that the storm came so quickly that it overturned their boat within seconds. Nguyen Hung Quan, who was one of the 10 survivors, said, "There had been a storm for 15 minutes and then a huge wave suddenly capsized the boat." The accident occurred early Saturday afternoon. He said on Monday that it only took a few moments to cause one of the most serious accidents in recent history. The UNESCO protected archipelago consists of thousands limestone islands located about 200 km (125 mi) northeast of Hanoi. Four of the 49 people the Vietnamese government claimed were on the vessel are still missing. The weather conditions will worsen over the next few hours as Typhoon Wipha makes landfall on the northern Vietnamese coast. It was the same typhoon that caused flash floods and landslides along the southern Chinese coastline at the weekend. Local media reported that authorities were checking on Monday if a body discovered on an island in the bay belonged to one of the people who had been missing since the accident. The storm hit northern Vietnam on Sunday, causing the skies to darken in just a few minutes. Strong winds and sudden downpours caused trees to fall in Hanoi's capital and temporarily halted air travel at Noi Bai International Airport. Quan, 40, a tourist, told how he dragged himself on a chair made of wood for three hours before a fishing boat rescued him. Two other people were also hanging on the chair, but only one survived. "One of them couldn't stand any longer. He was tired." He said, "What a tragedy!" The second person to survive by holding on to the chair also has a similar account. The waves were very strong. Vu Anh Tu (25), a member of the crew said that one of the two other men was too tired to continue and had left us. He also remembered how the storm struck the boat suddenly, causing the vessel to flip "in less than 15 seconds". He said that there were many casualties, including minors, and confirmed reports from the authorities that several children were aboard the sunken ship. Tu replied, "I don’t know if i'll work on a vessel again."
-
Gulf stocks hold steady as earnings outweigh US tariff worries
Investors weighed positive corporate earnings against the uncertainty of U.S. Trade Policy, following reports that Washington wants a minimum tariff of 15% to 20% in any agreement with the European Union. In spite of global uncertainty, the steady price of oil and strong results from regional giants helped to offset external headwinds. Saudi Arabia's benchmark stock index is on track to end its longest decline in two years with a 0.2% gain, driven by financials. Saudi National Bank, which is the country's largest lender based on assets, gained over 1.5%, while Al Rajhi Bank (the largest sharia compliant bank) jumped more than 1%, after strong results in the second quarter lifted the sentiment of the entire banking sector. The petrochemical company SIPCHEM, however, fell by 3.7% following a rare loss. This broke a five-year run of profitability. Dubai's benchmark Index eased 0.1% due to broad-based declines, as investors lock in gains following a recent multiyear rally. Air Arabia, meanwhile, soared by 5.1%, reaching a record high, after winning a bid for a new Saudi national low-cost airline that is set to launch in 2030. Investors were looking for clues about the next direction of the market as they watched Abu Dhabi Index decline. Qatar's stock market index rose 0.1% and is now nearing its two-year high, with a rise of 1.5% in Commercial Bank as the main driver. Qatar International Islamic Bank was among the gainers. Its six-month profits rose by 5.2% on an annual basis. (Reporting from Amna Mariyam in Bengaluru and Ateeq Sharif in Mumbai; editing by Vijay Kishore).
Turkey announces that the pipeline agreement with Iraq will expire on July 2026
According to a ruling that was published in the Official Gazette of Turkey on Monday, the 1975 agreement between Turkey and Iraq on pipelines will expire on July 20, 2026. The neighbours are continuing their work on restarting oil flow from an existing pipe.
The presidential order states that the Turkey-Iraq Crude Oil Pipeline Agreement, which was signed by the Turkish government in 1973 and implemented in 1975, and all protocols and memoranda following it will cease to exist on July 27, 2026.
The decision was made without any explanation.
Iraq and Turkey are working together to restore oil flow from a pipeline that runs to Turkey's Ceyhan Port. In March 2023, Turkey halted the oil exports after the International Chamber of Commerce ordered Ankara pay Baghdad $1.5billion in damages due to unauthorised exports from 2014-2018.
The Turkish government has stated that it is prepared to resume operations. However, talks have stalled over payment and contract issues. (Reporting and writing by Mehmet dinar; Editing and editing by Daren Butler).
(source: Reuters)